by Prosthetics are artificial devices that replace missing body parts, such as legs, arms or eyes. Orthotics are devices used to support a weak or ineffective body part or to improve the strength and motor skills of an impaired body part. They are commonly used for conditions affecting the feet, knees, wrists, elbows, shoulders and back. Prosthetics and orthotics can help improve mobility and facilitate rehabilitation in patients suffering from diseases, injuries and congenital defects. The growing geriatric population is also boosting the demand for these devices as older individuals are more prone to conditions like arthritis that require mobility assistance. Rising levels of obesity and associated health issues like diabetes are expected to fuel the need for prosthetics and orthotics over the forecast period. The global prosthetics and orthotics market is estimated to be valued at US$ 6923.2 Mn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the key trends in the prosthetics and orthotics market size is the growing demand for myoelectric and microprocessor controlled prosthetics and orthotics. Myoelectric technology uses electromyography sensors that detect electric potential generated by muscle activity near the prosthesis socket. This helps improve the function of prosthetics by allowing more precise handling. Microprocessor technology enhances control and mimics natural joint movements more effectively. Technological advancements are enabling the development of lighter, more durable and affordable customized prosthetics and orthoses tailored to an individual’s lifestyle and physical requirements. 3D printing and additive layer manufacturing technologies are also being adopted to develop novel prosthetic designs with complex geometries that better replicate natural anatomy. This is expected to boost market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The prosthetics and orthotics market requires significant capital investment and specialized skills and knowledge. These barriers make it difficult for new companies to enter the market.
Bargaining power of buyers: Individual consumers have limited bargaining power due to their need for prosthetics and orthotics. However, large healthcare organizations and insurance companies can negotiate lower prices from suppliers.
Bargaining power of suppliers: A few large companies dominate the supply of prosthetic and orthotic components and materials. This gives them strong bargaining power over buyers in the market.
Threat of new substitutes: Limited substitutes exist for prosthetics and orthotics designed for mobility and daily living needs. However, improved treatment and rehabilitation methods can reduce demand in some cases.
Competitive rivalry: The market consists of many global and regional players. Competition is based on product quality, innovation, brand reputation and prices.
Key Takeaways
The global prosthetics and orthotics market is expected to witness high growth.
North America currently dominates the market due to high healthcare expenditure and the presence of key players in the region. The Asia Pacific market is expected to grow the fastest during the forecast period due growing economies, rising healthcare infrastructure and increasing healthcare investments.
Key players operating in the prosthetics and orthotics market are Applied Materials, Inc., ASML Holding, Canon, Tokyo Electron, Lam Research, KLA-Tencor, Dainippon Screen, Advantest, Teradyne, and Hitachi High-Technologies.
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